Mxit goes for virtual cashiers

2012-08-25 11:06

Transferring cash and buying prepaid has become easier, writes Liziwe Ndalana

Standard Bank’s Instant Money in partnership with Africa’s largest social network Mxit is hoping to convert a large percentage of Mixit’s 10 million active users into Instant Money customers.

Mxit Money is a mobile app that allows Mxit users, who are predominantly teenagers and the youth, to send and receive money via their Mxit account.

Until now, users had only been able to buy games with Mxit “moola”, a virtual currency that users purchased with their airtime.

Instant Money will now enable users to buy airtime, electricity and “moola”. You do not need an account with Standard Bank and money can be loaded at any Super Spar across the country. Users need to create “mxitmoney” as a contact on their Mxit account to get the app into
their Mxit.

The money can be accessed either via “mxitmoney” app free, or cashed in at Spar outlets, or Standard Bank ATMs for Standard Bank customers.
 Withdrawing money from Spar costs R7 and depositing costs R9.95.

Alternatively, the money can be kept or moved around your Mxit account. You need to bring your ID when you register for Instant Money for the first time to be registered for FICA.

Parents can take advantage of this app and send money to their children, especially airtime allowance or pocket money to save on bank charges.

Mxit Money’s chief operating officer, Kevan Christmas, says: “I use Instant Money to send my children money and their airtime allowance.

“This is a great tool for me, as I do not have to give my children cash, but can just load them airtime via Instant Money.”

Users do not pay to buy airtime or electricity, or to move money around on their Mxit account.

They only pay when they load or withdraw at the Spar. Anyone who can access Mxit on their cellphone can access the Instant Money app.

Mxit Money works as follows:
Step: 1
» Apple iPhone users can download the Mxit Money app from the App Store

» Mxit users can add “mxitmoney” as a contact on Mxit to get the app inside Mxit

Step: 2
» Load Instant Money using your cellphone number as a unique identifier.

This will automatically create an Instant Money value store with Standard Bank, which can be accessed via Mxit Money as well as any instant Money channels.

The sender or the receiver does not have to have a bank account with Standard Bank Instant Money can be loaded at the following points:
» At one of the 600 Spar stores nationwide with an Instant Money or Pay Zone counter

» At any Standard Bank ATM. This will be available from September. Loading Instant Money at a Standard Bank ATM

» Through Standard Bank internet banking or going directly to www.instantmoney.co.za

» Note that a copy of your ID book is required the first time you load

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